The financial statements of the Saudi Electricity Company (Saudi Electricity) showed the company for profitability in the first quarter of this year compared to losses of the same period from 2020.
> The results are improved thanks to the organization of the company's revenues according to the asset base model from the financial year 2021, and accordingly the amount of my appreciation is paid for a quarter of the budget; Which led to the high item of other operational revenues during the current quarter.
In addition, funding burden has fallen; As a result of a decrease of total loans after government loans are converted into the speculative tool signed in November 2020, as well as high operational revenues that are attributed to the rise of electricity.
The company has noted that he has seen any part in part in the provision of receivables; The company's revenue base after canceled the governmental draw during the first quarter of 2021.
"The company's revenues rose by about 17.1% during the first quarter of 2021 to SR 13.35 billion, compared to SR 11.4 billion in the same quarter last year.
